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Popular South African grocery store brand, Pick N Pay has announced plans to exit the Nigerian market.
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The brand made this known during a statement released on Monday, October 28, stating it’s plans to exit Nigeria, and also selling off it’s stake.
Popular South African shopping brand, Pick N Pay has, on Monday announced plans to exit Nigeria.
In a statement released by the CEO, Sean Summers, the grocery giant will leave the Nigerian market, and also sell off its 51% stake in a joint venture.
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Adding that this is a move in increasing international operations, the company is said to have made this decision after piles of financial debts and losses.
Pick N Pay, which entered the Nigerian market give years ago, 2019 is said to own and control two stores, including one in Victoria Island, Lagos state.
The brand is also said to have made the decision following the constant challenge in the value of naira, and the degrading economy of Nigeria at large.
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Pick n Pay’s financial report on Monday, October 28, showed a loss before tax and capital items of 1.1 billion rand ($62 million) for the 26-week period ending August 25, a rise from 837.2 million rand in losses from the same period last year.
Pick N Pay joins the list of international companies which haa left the Nigerian market, others include: Microsoft, Guinness, GlaxoSmithKline and Sanofi.
